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QDM Exam 1 Questions And Answers With Verified Study Solutions
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QDM Exam 1 Questions And Answers With Verified Study Solutions
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QDM Exam 1 Questions And Answers With VerifiedStudy Solutions
Quantitative ANS based on attributes that exist in a range of magnitudes that can be measured
Qualitative ANS based on factors that are "subjective" and may be based on personal preferences rather
than "hard facts"
Modeling ANS the process of creating a simplified representation of a system and using it to better
understand some aspect of the real world
The secret to success when struggling with a challenging QDM analysis ANS following a logical approach
Flexible model ANS designed such that a user can easily analyze different alternatives by changing one or
more input variables
Operations Management ANS Activities that relate to the creation of goods and services through the
transformation of inputs to outputs
Operations Management ANS Planning, coordinating, and controlling the resources and processes needed
to produce a company's goods and services
ADD VALUE
-Increasing product value at each stage of the process
-The "value added" is the net increase from input component value to output product value
EFFICIENT TRANSFORMATION
-"Efficiency" is meeting requirements (such as time, quality, delivery) at the lowest possible cost
OM is where a company really makes (or loses) money. ANS Mission of Operations Management:
,productivity ANS measures how efficiently inputs are converted into outputs
outputs (goods and services) / inputs (capital, labor and management)
Units produced/ All inputs used ANS Productivity equation:
-Labor
-Capital
-Management (smart application of knowledge and technology) ANS Productivity Improvement Drivers:
-globalization
-supply chain partnering
-sustainability
-rapid product development
-mass customization
-lean operations . ANS What are some OM trends and challenges?
project ANS an interrelated set of activities with defined starting and ending points, which results in a
unique outcome from a specific allocation of resources
-finish on time
-stay within budget
-meet requirements ANS 3 Goals of Project Management:
planning fallacy
-underestimate how long the project will take
, -overestimate how quickly we can get it done ANS A phenomenon in which predictions about how much
time will be needed to complete a future task display an optimism bias and underestimate the time needed.
-Don't just plan for the best case, consider potential problems when you make estimates.
-Look for examples of similar projects and gather data on durations to arrive at more realistic plans.
-Use planning tools to help organize and keep you and your team focused and on track. ANS How to
counteract the planning fallacy:
1. Plan
-Define Project
-Set Goals
-Identify Resource
2. Schedule
-Organize Activities
-Establish Timeline
-Commit Resources
3. Control
-Monitor Progress
-Revise Plans
-Shift Resources ANS The Three phase approach to a project:
WBS (Work Breakdown Structure) ANS a hierarchical description of a project into more and more detailed
components
Predcessecors ANS tasks that need to be completed before a given step is started
AON (Activity on Node) Diagram ANS helps us visualize the project and identify interrelated tasks
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